BLOOMBERG  UBS Group AG Chief Executive Officer (CEO) Sergio Ermotti, who’s overseeing the takeover of Credit Suisse Group AG in a government-brokered rescue, said he saw problems at UBS’s smaller competitor as early as 2015. “UBS was very well positioned from 2015, we had done our homework after the financial crisis,” Ermotti said in an interview with the Schweiz am ...

BLOOMBERG  HSBC Holdings Plc will pay a combined $75 million to settle a top US regulator’s allegations that it engaged in manipulative and deceptive trading practices and broke recordkeeping rules. The Commodity Futures Trading Commission (CFTC) said that a US unit of the London-based bank would pay $45 million over its past trading related to swaps and bond issuances, among ...

BLOOMBERG  Electric bicycles are poised for a breakout year in Europe’s biggest economy. Battery-powered two-wheelers will outsell traditional bikes in Germany for the first time in 2023, according to projections from the country’s industry group. They’re already dominant in the mountain bike category, where nine in ten bicycles are powered by a motor. While the e-bike boom hasn’t meaningfully pushed ...

BLOOMBERG  For months, Google has been under pressure to reinvent its core search business and respond to the rise of artificial intelligence (AI) programmes that can generate content. Google started introducing more to the public — slowly. At its annual developer conference, Google unveiled a version of its search engine that uses large language models, AI tools that are trained ...

DUBAI / WAM Dubai Municipality has further expanded its beach tourism offering with the opening of three new beaches for night swimming in Jumeirah 2, Jumeirah 3 and Umm Suqeim 1. The 800-metre-long night-swimming beaches feature lighting systems, which enable residents and tourists to swim around the clock, and electronic screens that display content aimed at increasing safety awareness among ...

SHARJAH / WAM The Sharjah Waste to Energy plant, a first-of-its-kind project in the Middle East, has achieved multiple landmark milestones since its inauguration a year ago. Tied to the Sharjah electrical grid, the plant has generated enough energy to power over 2,000 homes per year while offsetting 150,000 tons of CO2 emissions. Around 60 percent of greenhouse gas emissions ...

DUBAI / WAM His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, met with the members of the Higher Committee for Development and Citizens Affairs in Dubai at the Emirates Towers. During the meeting, HH Sheikh Ahmed bin Mohammed reviewed outcomes of the committee’s efforts and initiatives ...

STOCKHOLM / WAM Noura bint Mohammed Al Kaabi, Minister of State, participated in the European Union’s Ministerial Forum for Cooperation in the Indo-Pacific, which was held in the Swedish capital, Stockholm. The forum saw the participation of ministers from the European Union, in addition to government officials and experts from the Indo-Pacific region and representatives from a number of regional ...

BLOOMBERG Chancellor Olaf Scholz made a personal pledge to Ukrainian President Volodymyr Zelenskiy that Germany will continue to support the government in Kyiv with military and other assistance for as long as needed. Scholz hosted Zelenskiy in Berlin for the first time since Russia’s invasion and said the Ukrainian leader’s visit was “a strong signal.” It came a day after ...

BLOOMBERG Indian Prime Minister Narendra Modi conceded a loss in the southern swing state of Karnataka, a rare victory for Rahul Gandhi’s opposition Congress party as it looks to build momentum ahead of national elections next year. Congress took 135 seats in the 224-member assembly, its biggest victory against Modi’s Bharatiya Janata Party (BJP) in major state elections since the ...